Pallavi:

I am protected by Anandeshvara.I become the form of eternal bliss, the form of supreme bliss.

Anupallavi :

The one that shines forth as the deeksha guru cidanandanatha who is the form of the knowledge giving guruguha.

Charanam:
The one who is beyond the three senses, the eternal , the pure,  the witness to the three states, the one beyond the five sheaths, the intelligent one.the auspicious one ; the form of knowledge-existence-bliss.the liberated one.The supreme Lord who is known by knowing the self through hearing, rememembering, meditation and in  the higher states of samadhi and nishta.
 

* The three senses or avayavas are manas(mind), vAk(speech), kAya(body)

* The three states are swapna - dream, jagrat - awakened, sushupti - conscious.

* The 5 koshas are pranamaya, annamaya, manomaya, vijnaanamaya and anandamaya.